Washington (CNN) -- Congress is at a stalemate over raising the federal debt ceiling, and Americans need to pressure their elected representatives to work out a compromise that will avoid a potentially devastating default, President Barack Obama told the nation Monday night.
In his seventh prime time televised address, Obama sought to increase pressure for congressional leaders to reach a deal that would allow the government to continue borrowing money pay its debts after August 2.
The president singled out House Republicans for intransigence and said the political showdown is "no way to run the greatest country on Earth."
Obama endorses Senate Democratic plan
"The American people may have voted for divided government, but they didn't vote for a dysfunctional government," Obama said. "So I'm asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your member of Congress know. If you believe we can solve this problem through compromise, send that message."
If Congress fails to raise the $14.3 trillion debt limit by August 2, Americans could face rising interest rates and a declining dollar, among other problems. As the cost of borrowing rises, individual mortgages, car loans and student loans could become significantly more expensive.
Officials also warn that, without an increase in the debt limit, the federal government will not be able to pay all its bills next month. Obama recently indicated he could not guarantee Social Security checks would be mailed out on time.
Months of increasingly tense negotiations have failed to bring a deal that can win approval from all of the necessary players -- the Republican-led House, Democratic-led Senate and the White House.

The talks initially involved a broad deficit-reduction plan intended to reduce the mounting gap between how much the government spends and how much revenue it collects. Obama pushed for a comprehensive plan that included spending cuts, increased tax revenue and entitlement reforms, while Republicans sought to shrink government by proposing spending cuts and reforms without increased revenue.
In his response to Obama's speech, House Speaker John Boehner said the president's proposals fail to deal with the fundamental problem: that the nation spends more than it takes in.
"The sad truth is that the president wanted a blank check six months ago, and he wants a blank check today," Boehner said. "That is just not going to happen.[pic - click to view] http://www.cnn.com/2011/P .. lks/index.html
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In his seventh prime time televised address, Obama sought to increase pressure for congressional leaders to reach a deal that would allow the government to continue borrowing money pay its debts after August 2.

republicans democrats its the same sh*t. they all work 4 the us corporation. they gearin up 4 this information age that we enterin. notice this generation shares everything. much unlike generations b4 us.